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Rhode Island

Rhode Island

Payday Loans in Rhode Island

At a Glance
Rhode Island
  • Nickname: The Ocean State
  • Population: 1.06 million
  • Capital: Providence
  • Website: www.ri.gov

Rhode Island may be the smallest state by land mass in the nation, but the Ocean State packs a population punch, with over 1 million people residing in the 1,214 square mile state.

Rhode Islanders are currently better off financially than many other Americans, with credit card debt that is comparable to the national average and a higher annual median household income. Still, about 12.9% of the state’s 1.06 million residents lived in poverty in 2019.

Average Credit Card Debt and Median Household Income in Rhode Island vs. the U.S.
Rhode Island
US
$6,177
$6,194
Average Credit Card Debt (Q1 2019)
$64,340
$61,937
Median Household Income (2018)

Payday Loans in Rhode Island

According to the Report of the Rhode Island Advisory Committee to the U.S. Commission on Civil Rights, as of October 2018, there were 28 payday loan stores in the state, charging over $7 million in fees. The average amount of a payday loan in the state is about $391.

Total Payday Lending Interest in Rhode Island, 2007 and 2011
  • 2007:$3,700,000
  • 2011:$7,054,999
Payday Loan Statistics for Borrowers in Rhode Island vs. Nationally
Rhode Island
US
$391
$392
Average Loan Amount

According to the Center for Responsible Lending, Rhode Island neighborhoods that have at least 30 percent Black and Latino residents have about 70 percent more payday loan stores than other areas. This may be because of the high percentage of Blacks and Latinos who are unbanked – 15% and 19%, respectively, compared to 4.4% of Rhode Island’s Caucasian population.

Consumer Protection in Rhode Island

How to Report a Lender in Rhode Island

You you can submit a complaint through the Rhode Island Department of Business Regulation’s Division of Banking:

 

Guides to Payday Loans in Rhode Island Cities

Check back soon for payday loan guides to the following cities in Rhode Island:

Providence | Warwick | Woonsocket